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HB 865

Income tax, state; establishes a new tax bracket beginning on and after January 1, 2024.

2025 Regular Session Introduced by Elizabeth Bennett-Parker and 1 co-sponsor

HB 865 establishes a new Virginia income tax bracket effective January 1, 2024, adjusting state tax obligations for residents across different income levels.

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Bill Summary · HB 865

Legislative bill overview

HB 865 would establish a new income tax bracket for Virginia taxpayers beginning January 1, 2024. The bill's specific income threshold and tax rate are not detailed in the provided information, though the measure has been under committee review since early 2024.

Why is this important

Changes to tax brackets directly affect how much state income tax residents and businesses pay, influencing both individual household finances and state revenue available for public services. Tax bracket adjustments are economically significant policy decisions that can affect cost-of-living, business competitiveness, and funding for education, infrastructure, and social programs.

Potential points of contention

  • Progressive vs. flat taxation philosophy — Whether additional brackets represent fair progressivity or constitute excessive taxation on higher earners
  • Economic competitiveness — Concerns that new brackets could reduce Virginia's tax competitiveness relative to neighboring states or affect business attraction
  • Revenue allocation — Unclear how additional tax revenue would be allocated and whether it addresses specific budget needs or serves broader fiscal policy goals

Compiled from official sources — confirm details with the bill’s official record.

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